NYC Mayor Mamdani Declares No Crypto Holdings and Rejects Adams' Memecoin Investment

Mayor Mamdani Distances Himself from Crypto

In less than two weeks since taking office, New York City Mayor Zohran Mamdani announced on Monday that he does not own any cryptocurrencies and has no plans to invest in the memecoin project launched by former Mayor Eric Adams. Mamdani responded with a clear "no" when asked if he holds any cryptocurrency, adding that he is not interested in purchasing the recently launched NYC token by Adams.

Controversies Surrounding the NYC Token

The NYC token was launched by Adams as his major public initiative following the end of his term, promising that the revenues would support educational initiatives and other social causes. However, the project has faced accusations of a "rug pull" after unconfirmed reports emerged that the team may have intentionally removed liquidity, causing millions in losses for investors. Research analyst Nicolai Sondergaard commented, "Based on the behavior of liquidity removal, it seems to fall under the general term of 'rug pulls.'"

Mamdani's Crypto Policy

Mamdani, who campaigned on a message of accessibility for New Yorkers, has avoided discussing cryptocurrency-related policies ahead of the November elections, which he won with 50.8% of the votes. As a member of the New York Assembly in 2023, he supported a bill to provide stronger consumer protections related to stablecoin issuers. In contrast, former Mayor Adams, who endorsed pro-cryptocurrency policies, accepted his first three paychecks in Bitcoin in 2022, a commitment he stated he does not regret.